Spot gold trading strategy: gold price pulls back to 1900 mark, waiting for “terrorist data” to rescue
During the Asian session on Wednesday (January 18), spot gold fluctuated slightly and fell back to 1896.49. It is currently trading around the 1900 mark. Dynamics put pressure on gold prices. However, the market’s attention began to turn to the US data in the evening.
On this trading day, the market will release the U.S. December PPI, U.S. December retail sales (commonly known as “horror data”) and the monthly rate of U.S. industrial output in December.
At present, the market expects that the year-on-year growth rate of PPI in the United States in December will drop to 6.8%, the previous value is 7.4%, the year-on-year growth rate of core PPI is expected to drop to 5.7%, the previous value is 6.2%; the market expects retail sales in the United States to fall by 0.8% in December , the previous value fell by 0.6% from the previous month; the market expects industrial output in December to decrease by 0.1% from the previous value by 0.2%.
Market expectations are generally biased towards strong gold prices, and investors need to pay attention to the support of bargain hunting for gold prices.
In addition, a number of Fed officials spoke intensively at night, and investors also need to pay attention.
Daily level:Callback after unilateral rise; KDJ high dead cross, K line high cross star, gold price continues to weaken, pay attention to the support near the 10-day moving average 1886.40, if the support falls, it will increase the short-term peak signal; further support will be on June 13 The high point is around 1878.65, the high point support on January 11 is around 1867.04, and the strong support is around the 21-day moving average 1848.70. The gains and losses at this position can be used as a reference for the midline trend.
In view of the fact that the MACD golden cross signal is still there, the pullback of gold prices on Tuesday after Monday’s high cross star is relatively small, suggesting that the bulls have not exhausted their power. If the support near the 10-day moving average 1886.42 can be held, the gold price will still have a chance to fluctuate further in the market outlook. The initial resistance above is around Tuesday’s low of 1903.66, and then pay attention to the 1910 and 1920 integer mark resistances respectively. If the 1920 mark resistance can be broken, it will increase the short-term bullish signal.
resistance:1903.66；1910.00；1920.00；1934.55；
support:1896.49；1886.40；1878.65；1867.04；
Suggestions for short-term operation:Conservatives wait and see; radicals do more cautiously on dips.